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Op-ed: To create jobs, the U.S. must spend
Los Angeles Times, April 5, 2013. All Rights Reserved. The government can and should increase the deficit to return us to prosperity. Without such outlays we can’t get enough GDP growth to seriously attack unemployment. Just before the congressional spring break, a Senate budget proposal to decrease, but not eliminate, the deficit over 10 years […] -
BlogQE Catastrophizing
There have been many concerns expressed on the internet about the eventual necessity of reversing the Fed’s cheap-money policies, which include “quantitative easing,” as well as a near-zero federal funds rate. One idea some have is that there are “too many bonds” in the Fed’s portfolio, and that problems will occur with insufficient demand whenever [...] -
MME, April 4, 2013
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Δημήτρης Β. Παπαδημητρίου: Παράλληλο νόμισμα σε Ελλάδα και Κύπρο για έξοδο από την κρίση
Έθνος της Κυριακής, 4 Απριλίου 2013. Με επιφύλαξη παντός δικαιώματος. O διακεκριμένος Ελληνοαμερικανός οικονομολόγος ανήκει στους εμπνευστές του φημισμένου Ινστιτούτου Οικονομικών Levy και τελεί πρόεδρός του από την ίδρυσή του. Επίσης είναι καθηγητής Οικονομικών στην έδρα «Jerome Levy» και εκτελεστικός αντιπρόεδρος του Bard College. Στον απόηχο της «διάσωσης» της Κύπρου μίλησε στην «Οικονομία», χαρακτηρίζοντας «καταστροφική» […] -
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Jan Kregel on the Causes and Consequences of the Greek Crisis
From Mariana Mazzucato’s “Rethinking the State” series. -
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Will Fiscal Austerity Work Now?
An update on some developments on the fiscal-trap front: After a Levy brief on fiscal traps was issued in November, events continue to bear out the fears expressed therein that budget cuts and tax increases being implemented in Europe and the US would lead to disaster. For example, recent news coverage of events surrounding the [...] -
Working Paper No. 761Currency Concerns under Uncertainty
The recent declines in China’s financial account balance ended the “twin surplus” era and led to a modest decline in the stock of official reserves, which reflects a reversal in expectations for the Chinese currency. Negative balances, which have been visible in China’s financial balances since the last quarter of 2011, have heightened fears/anxiety in […] -
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How Much Fiscal Stimulus Do We Need?
How much fiscal stimulus would the government need to inject into the economy over the next two years in order to get the unemployment rate into the 5.5–5.9 percent range? In their newest strategic analysis, Dimitri Papadimitriou, Greg Hannsgen, and Michalis Nikiforos provide us with some harrowing answers. The authors lay out a scenario (“scenario [...] -
MME, March 27, 2013
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Η μεθόδευση της λεηλασίας του Νότου από την αυτοκρατορική Γερμανία
Η Αυγή, 27 Μάρτιος 2013. Με επιφύλαξη παντός δικαιώματος. H Κύπρος, έχοντας εξελιχθεί σε μια οικονομία παροχής χρηματοπιστωτικών υπηρεσιών «άκρως ανταγωνιστικών» προδιαγραφών, αποτελούσε πλυντήριο μαύρου χρήματος εδώ και δεκαετίες. Με την κατάρρευση του τραπεζικού της συστήματος, η Γερμανία επιτυγχάνει δύο στόχους: τη βέβαιη αποσύνδεση της Κύπρου από τη Ρωσία και την περαιτέρω ενίσχυση της ανταγωνιστικότητας […] -
Rethinking the State: Interview with Jan Kregel
“Rethinking the State” is a video project funded by the Ford Foundation and the Institute for New Economic Thinking (INET) with the aim of using the recent economic crisis to question assumptions behind economic theory and to rethink the role of the state, finance, and austerity in promoting growth and innovation. In the first of […] -
Working Paper No. 760
Indirect Domestic Value Added in Mexico’s Manufacturing Exports, by Origin and Destination Sector
As domestic exports usually require imported inputs, the value of exports differs from the domestic value added contained in exports. The higher the domestic value added contained in exports, the higher the domestic national income created by exports will be. In this case, exports will expand the domestic market. Therefore, exports will push economic growth […]